Credit Cards

credit card

What Is a Credit Card?

A credit card is a card which allows people to buy items without cash. Payment using a credit card is one of the most common methods of electronic payment. Credit cards are usually small plastic cards with a unique number attached to an account. A credit card is a payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt. The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.
There are two credit card groups : consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium) and a few gemstone-encrusted metal cards.

How credit cards work

Common credit card terms

Credit cards come with dozens of terms that determine what fees you can incur from using your card. Here are the most common terms:

Annual fee: The fee cardholders are charged every year for holding a credit card
Balance transfer APR: The interest rate for balance transfers, which may be equal to or greater than the purchase APR.
Balance transfer fee: Transferring debt from one card to another may cost you 3% to 5% per transfer.
Cash advance APR: The interest rate you incur if you take out a cash advance, which is often one of the highest APRs you can be charged.
Cash advance fee: The fee you’re charged for each cash advance, usually 5%.
Foreign transaction fee: Purchases made outside the U.S. may incur a fee per transaction, usually 3%.
Late payment fee: When you pay your credit card bill late, you may incur a fee up to $40.
Minimum payment: The smallest amount of money you have to pay each month to keep your account current. (Learn how making only minimum payments on credit card debt could cost you thousands and take over a decade to repay.)
Penalty annual percentage rate (APR): When you pay late, card issuers may penalize you with an interest rate that’s higher than your regular APR.
Purchase APR: The interest rate you incur for new purchases that aren’t paid in full every billing cycle.

different kinds of credit cards

There are thousands of credit cards available to consumers, making it hard to settle on just one. Thankfully, most credit cards fall within a handful of categories, so you can narrow down your choices. Here are some different types of credit cards:
This credit card will be the preferred choice for those who wish to try out using a credit card. You will be given a small credit limit based on your income and you can make purchases with the given limit. There are no additional benefits given on transacting with the card.
Individuals who have a poor credit history can get hold of a secured credit card by making a deposit equal to the credit limit of the card. This deposit acts as a security to issue the credit card for banks. If you make payments on time consecutively for a few months, the bank may return the security deposit.
A no annual fee credit card is the one that does not levy an annual fee for the usage of the credit card. It can be considered as a basic credit or slightly above that level that provides very few benefits. Individuals at the entry-level of credit card usage or those who make limited use of the card would prefer a no annual fee credit card.
Credit cards that offer a lower interest rate as compared to the other cards from a similar category is known as a low-interest credit card. However, this category is different from the balance transfer cards as the interest rate will not be as low as 0% and the rates are not valid for a specified time as in the latter case.
Though most credit cards offer the facility to transfer balance, a balance transfer credit card comes with a low-interest rate for a specified period of time. If your current card has a high-interest rate, you may transfer the outstanding balance on your current card to a balance transfer card with a low rate. Some cards offer an opening rate as low as 0%.
A rewards credit card is the one that offers some kind of rewards for every rupee you spend with the card. Every bank defines the number of reward points you get for a specified type of transaction, such as grocery shopping and online bill payment, you make with each rewards card it offers.
Cashback credit cards offer a certain percentage of the purchase amount as cashback whenever you make a transaction with the card. The bank may also mention criteria such as cashback is applicable only for petrol transactions.
Frequent travellers benefit from a travel credit card as the card offers benefits such as travel insurance, global acceptance, favourable currency conversion rates, and more.
Credit cards that come with deals and offers when the card is used to pay for shopping expenses. Online and offline shopping can get you additional rewards for every purchase.
Credit cards that provide discounts and offers on entertainment-related spends are known as entertainment credit cards. Such spends include movie ticket purchase, concert ticket purchase, amusement park ticket purchase, and other events.

 Every rupee you spend with an air miles card will offer air mile points to your card account. Upon accumulating the air mile points, you can redeem them for free flight tickets or other goodies available on the redemption catalogue.

This type of credit card gives benefits when the card is swiped for lifestyle expenses such as premiere screenings, nightlife, fashion shows, and more.
Premium credit cards are dedicated for selected few. It provides free access to golf clubs, airport lounges, concierge service, and insurance. It may also come with complimentary travel and hotel accommodation coupons. Some cards also offer a personal relationship manager to handle the assets of the cardholder. Not everyone can get approval to own this card.
Banks tie-up with brands to bring out co-branded cards that provide special discounts and deals when you make a transaction associated with the brand. Though you can make other transactions, they wouldn’t be very profitable. This strategy is, generally, used to increase the customer base for the brand.
The primary users of this category of cards are college students. The card considers the fact that students do not, often, have a credit history. The approval for a student credit card has fewer criteria to be satisfied as compared to the other full-fledged cards. It also comes with a lower interest rate.
These cards are designed specifically for business use. This is to make sure that business and personal expenditure are maintained separately. However, even a business credit card requires you to have a good credit history to be eligible. This is because the card issuer considers the applicant to be accountable for bill repayment.
Prepaid cards require you to load money before they can be used. Every transaction you make with the card, funds are fetched from the card balance. There is no finance charge or minimum payment criterion applicable to this card.

How To Use Your Credit Card Right:

To avoid being debt-laden due to unfettered spending on your credit card, keep the below tips in mind :

Benefits Of Credit Card

What Is CIBIL score ?

A CIBIL score is a consumer's credit score. Simply put, this is a three-digit numeric summary of a consumer's credit history and a reflection of the person's credit profile. This is based on past credit behavior, such as borrowing and repayment habits as shared by banks and lenders with CIBIL on a regular basis (the details of which are featured in the consumer's CIBIL Report). The Score is based on details found in the 'Accounts' and 'Enquiries' sections of the CIBIL Report, including (but not restricted to) loan accounts or credit cards, payment statuses, outstanding amounts and days past the due date. Ranging from 300 to 900, the closer a CIBIL Score is to 900, the higher are the chances of the consumer's credit card or loan application getting approved.

Get your cibil score in 3 simple steps

Step - 1
Enter Your Personal Details
Ensure it matches your ID proofs
Step - 2
Verify Your Identity
Confirm the OTP sent to your mobile
number and email ID
Step - 3
View Your CIBIL Report
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Eligibility For Credit Cards

Residential status

The applicant should be a resident of India. Some lenders offer cards to Non-Resident Indians too.


Applicant should either be self-employed or salaried person. He should have a regular source of income. Salary is a crucial deciding factor for credit cards. Someone earning say Rs 50,000 per month is eligible for a different type of card than a person earning Rs 25,000 per month. On an average, income requirement is between Rs 1,44,000 and Rs 25,00,000 per annum for both salaried persons and self-employed.


The average age requirement for an applicant for all types of cards should be minimum 18 years old and maximum 70.

Credit history

The applicant’s CIBIL (Credit Information Bureau [India] Limited) score should be good. Your past history of paying back debts on time and closure of debts is important because if your record is poor, your application may get rejected because this reflects on your ability to pay back credit card bills. Other factors will include purpose of the card and the city you are living in.

Bank account

Applicant should have a salary or savings bank account. Bank account history, like maintenance of minimum salary balance and no overdrafts, is important.

documents required for Credit Card

Identity Proof - PAN card , Aadhar card , Passport , Voter ID card , Driving License , Ration card .
Address Proof - Aadhar card , Passport , Voter ID card , Driving License , Ration card , Lease/Rent agreement , Property Documents , Utility Bills .
Income Proof - Salary Slip ( last 3 months ), Bank Statement ( last 3 months ), ITR, etc...

How to apply for a credit card

Check your credit score - Checking your credit score before applying for a credit card means you'll be fully educated about the kinds of interest rates you can expect from your offers, and the rewards you could qualify for. The number will be somewhere between 300 and 850, with anything over 670 considered "good", and you can check your score with credit-reporting bureaus Experian, Equifax, and TransUnion.
Compare offers - Do your research to find out which card is best for you, paying special attention to annual fees and interest rates. We recommend starting with this list of the best credit cards available now. Make sure to pay attention to ongoing rewards as well as any sign-up bonus offered to new cardholders.
Fill out an online application - Once you've made your selection, look for an "Apply Now" button on the site, and it should take you directly to an application. Questions may differ slightly, but be prepared to provide a combination of biographical and financial info including your name, address, and Social Security number, as well as annual income, monthly expenses, and the balance in your existing bank accounts.
Submit your application - Once you've submitted your application, it's time to sit back and wait for a decision. Some issuers are faster than others, but typically you should hear back one way or another within 10 to 14 business days.
Receive your card - If you're approved, you should receive your new credit card within another 10 to 14 business days, although it's often possible to expedite delivery for certain extenuating circumstances. From there, you'll need to activate your card, and then you're free to start making purchases.

About Us

Euro Nexus Dinero Marketing PVT. LTD is mainly focus to connect merchants, consumers, card brand networks and financial institutions with advance trands. Credit card companies are the banks and credit unions that issue credit card to consumers and small business owners. Euro Nexus Dinero Marketing Company provides new credit card to the valid and valiable customers. Also, we delivers necessary services to the cardholders regarding purchases, accepting payments, distributing rewards and suggest a fine solution to the problem arraise in credit card.